WHITEBOX ADVISORS LLC

Q4 2025 13F-HR Holdings

Location
Minneapolis, MN
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
492
Total value ($000)
$7,047,598
Net value change ($000)
+583,748 (9.0%)
New positions
85
Sold out positions
37
Turnover %
63.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
CADE 128,520 NEW
CMA 108,663 NEW
GTLS 51,920 81.7%
CFLT 31,896 NEW
EXAS 31,179 NEW
CDTX 27,611 NEW
WBD 10,361 887.8%
CYBR 9,602 14.4%
FOXA 9,475 39.2%
ZTS 9,339 NEW
Top Reduces (Value $000, Stocks/ETFs)
VRNA -167,161 -100.0%
COOP -66,432 -100.0%
WNS -59,459 -100.0%
KEL -25,836 -100.0%
INFA -22,678 -100.0%
LBRDA -20,444 -22.2%
VAL -12,384 -100.0%
IAC -7,855 -61.3%
CUK -6,284 -100.0%
LBRDA -5,239 -23.8%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 1,193,893 (16.9% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type